Venezuela has $11 billion missing from the national oil company

Economy Jamie Simon
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A report released on Wednesday says at Venezuela’s congress at the national oil company PDVSA that from 2004 to 2014 about $ 11 billion disappeared, according to Reuters. The report denounces corruption during the office of the Director Rafael Ramirez.

Chairman of the Audit, Freddy Guevara, an opposition representative, said that unfair practices were widespread within the PDVSA.

The company manages the largest oil reserves in the world and provides 95% of Venezuela’s export earnings.

PDVSA and Ramirez did not immediately respond to requests for comment on the report, but the company’s position recalls Reuters, that accusations are part of a campaign by the extreme right supported by the US and international press obedient.

Monday, PDVSA announced that due to lack of liquidity they may have trouble paying their international debts if not accepted the conversion of bonds worth $5.3 billion. Guevara argues that failure to pay would be caused by stealing money from the company.

The US Department of Justice conducted its own investigation on bribery at PDVSA, in which a Venezuelan businessman has already recognized that he played a role in a scheme involving heads of company funds worth over a billion dollars.

Reuters believes it is possible that the parliament report from Caracas did not have a significant effect because President Nicolas Maduro has marginalized the legislature after the opposition won a majority last December. The Supreme Court overturned all important decisions of the congress.

The Lawmakers Socialist Party, the ruling party, did not attend the Wednesday meeting of the committee of inquiry has been validated report. It calls on the National Assembly to declare Ramirez’s irregularities from PDVSA and recommends a vote of no confidence to the current president of the company, Eulogio Del Pino.